Cobra Capital Mortgages - Subanya Karan

09/26/2024

The Office of the Superintendent of Financial Institutions (OSFI) has announced that homeowners switching lenders at mortgage renewal will no longer be subject to the stress test. The stress test, which checks whether borrowers can still afford their mortgages at a higher interest rate, had previously applied to both new home buyers and homeowners switching lenders at renewal.

This change allows more flexibility for homeowners at renewal time, enabling them to shop around for better mortgage rates without the added hurdle of passing the stress test again. For those who renew with their existing lender, the stress test wasn’t required, but this levels the playing field for those wanting to switch lenders to access better rates or terms.

It’s expected that this will foster more competition among lenders, potentially benefiting consumers through more competitive mortgage products. This update may offer relief to homeowners facing higher rates at renewal, particularly in the current high-interest-rate environment.

04/17/2024

https://www.linkedin.com/pulse/exploring-cmhcs-mli-select-catalyst-affordable-subanya-karan-csm--6owic/?trackingId=%2B7WLpky%2BRSqQ9PHpdr3lrg%3D%3D

06/28/2023

https://www.canadianmortgagetrends.com/2023/06/inflation-hits-2-year-low-due-to-base-effects-but-unlikely-to-prevent-another-bank-of-canada-rate-hike/

As expected, Canada's headline inflation rate fell to a two-year low in May, although the decrease was driving by sharply lower gasoline prices compared to last year.

04/09/2023

10/26/2022

https://beta-ctvnews-ca.cdn.ampproject.org/c/s/beta.ctvnews.ca/local/toronto/2022/10/25/1_6123676.amp.html?fbclid=IwAR1fP3G15ziR4882sR5Bpv3Q9-kupPQN5f_q3umXWr2DtwIaxIrGToJnOGU

The Ontario government announced sweeping housing changes on Tuesday that will override municipal zoning laws in some situations and allow for the construction of up to three units on each residential lot.

02/16/2022

In the spirit of Valentine’s Day, here is your friendly reminder to fall in love with your budget before you fall in love with your home. GET PRE APPROVED. With the market is hot as it is, you want to be able to move fast and ensure your financing will go through at time of closing. By getting pre-approved not only can you make a confident offer, you can ensure you are not wasting time looking at properties currently out of your budget .Let's get you set up for success. Have questions? - DM me.

02/14/2022

Happy Valentines Day to you and yours - whether it be your significant other, best friend, family or pet spread a little extra love today. (P.S check out these super cute drinks from specially catered for the galentines day event).

12/14/2021

Mortgage rates play a significant role in a home buyer's search. ⁠As you may or may not already know, the rates have slowly been increasing - which means so does your monthly mortgage payment (directly affecting how much you can afford). ⁠Even the smallest increase in interest rate can have a large impact on your monthly payment and the loan amount you are able to take on. The payment amounts highlighted in yellow are not significantly different but notice a 0.25 interest rate increase has a corresponding $10k loan amount decrease.

11/17/2021

Channeling my inner

11/10/2021

As Fat Joe would say “Yesterday’s price is not today’s price.”

09/09/2021

Eight times per year, the Bank of Canada (BoC) makes a scheduled announcement about their benchmark lending rate based on data they have assessed about the current state of the Canadian economy. Any change to this rate indicates a possible change to corresponding rates, such as interest rates for mortgages and additional types of consumer loans.

Great news for consumers, as the Bank of Canada confirmed yesterday that the overnight rate will remain unchanged since the beginning of the pandemic at 0.25% for at least another 6 weeks.

Stay tuned for the next update October 27!